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Wager Sharp
Sportsbook promos can be extremely valuable, but only if you understand what they’re actually worth. Bonus bets, free bets, and Risk-Free offers (sometimes called No-Sweat or Second Chance Bets) all look straightforward. However, you need to determine the optimal way to use them.
That’s why Wager Sharp built the Bonus Bet Converter and Risk-Free Bet Calculator. These tools help you size the hedge correctly, see profit outcomes on both results, and track your conversion percentage so you can consistently turn promos into real cash value instead of guessing.
What makes ours better? We offer a customizable Profit Distribution Bias. You can easily play around with the amounts and outcomes using the slider built into each calculator.
Both calculators use the same core approach:
Doing it this way guarantees you a profit no matter what happens.
A bonus bet (often called a free bet) is typically a promo wager where the stake is not returned. If you bet $100 in bonus funds at +200 and it wins, you normally profit $200, but you do not get the $100 bonus stake back.
That “stake not returned” detail is why bonus bet hedging is different than normal hedging.
Wager Sharp’s Bonus Bet Converter asks for three inputs:
From there, it calculates:
Most converters assume you want the exact same profit no matter which side wins. That is useful for reducing variance, but it is not always how you want to approach an event.
Wager Sharp includes a Profit Distribution Bias slider so you can choose your profit split. If one side is far more likely to hit, you can bias more profit toward that higher-probability outcome while still keeping both results positive. Maybe you’re looking to induce artificial losses on one sportsbook and limit your profits to a different one.
This tool lets you take control of how you want to convert your promotional offers.
These are also commonly referred to as No-Sweat or Second Chance Bets. You place a wager with your own money, and if it loses, the sportsbook refunds you. The key detail is the refund is often issued as a Bonus Bet or Free Bet.
That refund type matters because it changes the promo’s true cash value.
Wager Sharp’s Risk-Free Bet Calculator helps you model both paths:
In other words, a risk-free bet often has a two-part value:
This calculator makes that entire picture clear before you place a bet.
Both tools give you a conversion percentage, which helps you determine the most important part. At what percentage are you converting the promotion’s dollar amount value into real cash?
Typically a conversion percentage of 70% or higher is the goal. If your conversion percentage is consistently below that, it usually means:
Promo betting mistakes usually come from treating promos like normal cash bets. Bonus bets behave differently, and risk-free promos introduce a refund path. These tools price those details correctly.
You can see profit if the promo side wins and profit if the hedge wins before you place the wager. That clarity matters when you are managing bankroll and avoiding surprises.
Small differences in odds can move your conversion percentage a lot. Being able to plug in alternate lines and instantly see the change is a major edge.
Wager Sharp’s Bonus Bet Converter is built for real betting scenarios, not perfectly even textbook math. Profit Distribution Bias lets you decide how you want your return shaped, including probability-weighted profit.
Hedge sizing can produce awkward bet amounts. Being able to adjust and round to common wager sizes makes the process easier to execute and manage.
In many cases, you will use both, because most risk-free offers refund as a bonus bet that you then convert using the Bonus Bet Converter.